Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the granting of equity awards to 20 new employees on August 31, 2020, in accordance with its 2014 Employment Commencement Incentive Plan. The awards include options for 17,310 shares and 6,655 restricted stock units (RSUs). The options have an exercise price of $146.42 per share, matching the closing stock price on the grant date. Vesting for options occurs quarterly over four years, while RSUs vest annually over the same period, contingent on continued employment.

Positive

• Equity awards granted to 20 new employees enhance talent retention and recruitment.
• Options priced at $146.42 reflect the market value, aligning employee interests with shareholders.

Negative

• None.

CAMBRIDGE, Mass., Aug. 31, 2020 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on August 31, 2020 that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2014 Employment Commencement Incentive Plan, as a material inducement to employment to 20 individuals hired by Sarepta in August 2020. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 17,310 shares of Sarepta's common stock, and in the aggregate, 6,655 restricted stock units (“RSUs”). The options have an exercise price of $146.42 per share, which is equal to the closing price of Sarepta's common stock on August 31, 2020 (the “Grant Date”). One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of the Grant Date and thereafter 1/48th of the shares underlying each employee’s option will vest monthly, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to each such employee’s continued employment with Sarepta on such vesting dates.

One-fourth of the RSUs will vest yearly on each anniversary of the Grant Date, such that the RSUs granted to each employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to each such employee’s continued employment with Sarepta on such vesting date.

About Sarepta Therapeutics
At Sarepta, we are leading a revolution in precision genetic medicine and every day is an opportunity to change the lives of people living with rare disease. The Company has built an impressive position in Duchenne muscular dystrophy (DMD) and in gene therapies for limb-girdle muscular dystrophies (LGMDs), mucopolysaccharidosis type IIIA, Charcot-Marie-Tooth (CMT), and other CNS-related disorders, with more than 40 programs in various stages of development. The Company’s programs and research focus span several therapeutic modalities, including RNA, gene therapy and gene editing. For more information, please visit www.sarepta.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

Internet Posting of Information

We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us. 

Source: Sarepta Therapeutics, Inc.

Sarepta Therapeutics, Inc.
Investors:
Ian Estepan, 617-274-4052
iestepan@sarepta.com

Media:
Tracy Sorrentino, 617-301-8566
tsorrentino@sarepta.com

 

FAQ

What equity awards did Sarepta Therapeutics grant on August 31, 2020?

Sarepta Therapeutics granted options for 17,310 shares and 6,655 RSUs to 20 new employees.

What is the exercise price of the stock options granted by Sarepta?

The exercise price of the stock options is $146.42 per share.

How does the vesting schedule for Sarepta's equity awards work?

Options vest quarterly over four years, while RSUs vest annually over four years, subject to continued employment.

What is the significance of the grants under Nasdaq Listing Rule 5635?

The grants were made as a material inducement to employment, complying with Nasdaq's regulations for equity awards.

What is Sarepta Therapeutics known for?

Sarepta Therapeutics is a leader in precision genetic medicine, focusing on rare diseases like Duchenne muscular dystrophy.